Adam Wingard is directing the film, which also stars actor Julian Dennison.

According to the Hollywood Reporter, plot details are unclear, but the actioner will feature the two titular classic monsters squaring off in some form.

Skarsgard is expected to play the leader of a military unit.

The film is the fourth installment in Legendary and Warner Bros' expanding universe about the two super-sized screen legends.

The first installment of Legendary's MonsterVerse was 2014's "Godzilla", followed by 2017's "Kong: Skull Island". A sequel to "Godzilla", titled "Godzilla: King of the Monsters", with Kyle Chandler, Vera Farmiga, and Millie Bobby Brown, is close to release.